DUBAI, UAE / ACCESSWIRE / June 1, 2020 / The global COVID-19 pandemic has severely impacted the global economy. However, the banking system is largely considered to be an essential service, which sustains the prospects of cognitive systems spending market during the global pandemic. The global cognitive systems spending market is set for stupendous expansion at 14.6% CAGR between 2020 and 2030, according to a new Future Market Insights (FMI) study.

Further, the pandemic has also resulted in the increased use of machine learning, Big Data, automated reasoning, and natural language processing as tools to limit the spread of the contagion, which increases the demand for cognitive systems spending as projected by a new study of Future Market Insights (FMI). These trends will have an impact on finance, insurance, government, and investment services which could potentially generate improved revenue flow in the cognitive systems spending market. The industry is anticipated to witness steady growth on the back of demand from myriad end use verticals, after the pandemic subsides in the near future.

'The rising demand for cognitive systems in multitude of applications and the rising awareness of technological advancements such as natural language processing, which are key factors supporting the growth of the global cognitive systems spending market. This will aid the growth of the industry post the end of the pandemic,' says the FMI study.

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Cognitive Systems Spending Market- Key Takeaways

• Banking organizations will be key investors in cognitive systems spending for investment consulting, customer service, and advisory decision-making support.
• International Business Machine Corp. will retain its lead with over 50% of the overall market value.
• Natural language processing is anticipated to experience a boom during the forecast period, driven by superior language conversation processes.
• North America is a leading regional market driven by strict developments in the education and healthcare sectors.

Cognitive Systems Spending Market- Key Driving Factors

• Widespread adoption of consumer-based intelligent assistant applications is aiding market growth.
• High adaptability of natural language processing technology in financial applications is key to the adoption rates in the market.
• Advancements in reliability, efficiency, and variety of machine learning will bolster popularity and value share.
• Increased scope of application for non-human operating cognitive systems to have a positive impact on the cognitive systems spending market.

Cognitive Systems Spending Market- Key Restraints

• Lack of adequate compliance cognitive systems providers remains a key obstacle for market players.
• Poor user awareness and knowledge associated with cognitive systems slow market growth.

COVID-19 Impact on Cognitive Systems Spending Market

The practice of cognitive collaboration beings together the advantages of data analytics, big data, machine learning, and artificial intelligence to support in distributed and in person collaborations. This trend will remain key to sustaining the growth of the cognitive systems spending market through the COVID-19 crisis. Computer science researchers have already developed artificial intelligence tools to diagnose potential patients, by analyzing sound patterns of cough, speech, and breath. Such complex mechanisms drive the growth of the cognitive systems spending market. The support of cloud infrastructure for work-at-home practices supports developments in the market in the long term.

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Competitive Landscape

Major players are seeking strategic mergers, acquisitions and partnerships to expand regional footprints. IPsoft Inc., International Business Machines Corporation, Cognitive Scale Inc., Accenture plc, Wipro Ltd., HP Inc., Attivio, Microsoft Corp., and Intel Corporation are some of the leading cognitive systems spending players in the global market.

About the Report

This study offers readers a comprehensive market forecast of the cognitive systems spending market. Global, regional and country-level analysis of the latest industry trends impacting the cognitive systems spending market is covered in this Future Market Insight (FMI) study. The report offers compelling insights on cognitive systems spending market on the basis of product type (hardware, software, and services), deployment type (public and on-premise), technology type (natural language processing, machine learning, and automated reasoning) and verticals (banking, education, government, healthcare, insurance, manufacturing, securities and investment services, telecommunications, transportation, and others) across six regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).

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SOURCE: Future Market Insights